FY2024 EPS Estimates for Onto Innovation Boosted by Analyst

Onto Innovation Inc. (NYSE:ONTO) – Investment analysts at B. Riley lifted their FY2024 earnings per share (EPS) estimates for shares of Onto Innovation in a report issued on Friday, November 1st. B. Riley analyst C. Ellis now expects that the semiconductor company will earn $5.23 per share for the year, up from their prior forecast of $5.15. The consensus estimate for Onto Innovation’s current full-year earnings is $5.19 per share. B. Riley also issued estimates for Onto Innovation’s Q4 2024 earnings at $1.41 EPS, Q1 2025 earnings at $1.45 EPS, Q2 2025 earnings at $1.53 EPS, Q3 2025 earnings at $1.65 EPS, Q4 2025 earnings at $1.73 EPS, FY2025 earnings at $6.36 EPS and FY2026 earnings at $7.47 EPS.

ONTO has been the topic of a number of other research reports. Jefferies Financial Group dropped their price objective on Onto Innovation from $265.00 to $245.00 and set a “buy” rating on the stock in a report on Friday, November 1st. Oppenheimer lifted their price objective on shares of Onto Innovation from $260.00 to $275.00 and gave the company an “outperform” rating in a research note on Friday, November 1st. Stifel Nicolaus increased their target price on shares of Onto Innovation from $240.00 to $270.00 and gave the stock a “buy” rating in a research report on Monday, July 15th. Needham & Company LLC reduced their price target on Onto Innovation from $245.00 to $230.00 and set a “buy” rating for the company in a research report on Friday, November 1st. Finally, Benchmark reissued a “buy” rating and set a $230.00 price objective on shares of Onto Innovation in a report on Friday, November 1st. One equities research analyst has rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $254.29.

Onto Innovation Price Performance

ONTO opened at $173.65 on Monday. The company has a market capitalization of $8.57 billion, a PE ratio of 47.06, a price-to-earnings-growth ratio of 1.13 and a beta of 1.37. Onto Innovation has a fifty-two week low of $117.44 and a fifty-two week high of $238.93. The business has a 50-day moving average of $201.06 and a 200-day moving average of $206.85.

Onto Innovation (NYSE:ONTO) last posted its quarterly earnings results on Thursday, October 31st. The semiconductor company reported $1.34 earnings per share for the quarter, topping analysts’ consensus estimates of $1.31 by $0.03. The business had revenue of $252.20 million for the quarter, compared to the consensus estimate of $250.85 million. Onto Innovation had a net margin of 19.44% and a return on equity of 13.38%. Onto Innovation’s revenue for the quarter was up 21.7% compared to the same quarter last year. During the same period in the prior year, the business posted $0.96 earnings per share.

Insider Buying and Selling

In related news, SVP Srinivas Vedula sold 1,275 shares of the business’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $207.24, for a total transaction of $264,231.00. Following the transaction, the senior vice president now owns 16,050 shares of the company’s stock, valued at approximately $3,326,202. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.72% of the stock is owned by insiders.

Hedge Funds Weigh In On Onto Innovation

Several large investors have recently added to or reduced their stakes in the company. Quarry LP raised its stake in shares of Onto Innovation by 232.4% in the 2nd quarter. Quarry LP now owns 113 shares of the semiconductor company’s stock valued at $25,000 after buying an additional 79 shares in the last quarter. Northwestern Mutual Wealth Management Co. raised its position in Onto Innovation by 675.0% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 124 shares of the semiconductor company’s stock worth $27,000 after purchasing an additional 108 shares in the last quarter. Fidelis Capital Partners LLC acquired a new stake in Onto Innovation during the first quarter valued at approximately $28,000. LGT Financial Advisors LLC grew its stake in shares of Onto Innovation by 58.1% in the 2nd quarter. LGT Financial Advisors LLC now owns 245 shares of the semiconductor company’s stock valued at $54,000 after purchasing an additional 90 shares during the period. Finally, Fifth Third Bancorp raised its holdings in shares of Onto Innovation by 40.2% in the 2nd quarter. Fifth Third Bancorp now owns 293 shares of the semiconductor company’s stock worth $64,000 after buying an additional 84 shares in the last quarter. Institutional investors and hedge funds own 98.35% of the company’s stock.

About Onto Innovation

Onto Innovation Inc engages in the design, development, manufacture, and support of process control tools that performs optical metrology. The company offers lithography systems and process control analytical software. It also offers process and yield management solutions, and device packaging and test facilities through standalone systems for optical metrology, macro-defect inspection, packaging lithography, and transparent and opaque thin film measurements.